Sign in

Please complete all fields in the form to login.
Username and password fields are case sensitive

If you have forgotten your username or password please use
the forgotten your username/password link below.

Remember me, by ticking the box you
are confirming you are happy for your details to be remembered
and used the next time you use this computer to visit
eFinancialNews.com. By doing this, you'll be able to access
restricted content without logging in each time you
visit the site.

Kraft spins off global snacks business

Kraft on Wednesday formally outlined plans to spin off its global snacks unit as a separately listed entity on the New York Stock Exchange, with the US food giant branding the new business as Mondelez International.

The food manufacturer, which will seek shareholder approval for the split and the new brand name for its overseas arm at its annual general meeting in May, said that its North American grocery division will continue to remain as Kraft.

Kraft's board of directors has already approved the name for the global snacks business. The firm last August said it would split into two companies: the $31bn global snacks business and the $17bn North American grocery business.

Mondelēz International, (pronounced mohn-dah-LEEZ), is a portmanteau meant to evoke the idea of a "delicious world". "Monde" comes from the Latin word for "world", and "delēz" is a "fanciful expression of 'delicious", Kraft executives explain.

The new moniker is "interesting, unique and captures a big idea", Kraft's chief marketing officer Mary Beth West said in a statement announcing the new name.

Comment: Kraft, whose bludgeoning bid for Cadbury in 2010 showcased a startlingly low degree of wit and originality for a fast-moving consumer goods business, has not lost its touch.

The US foods giant’s brand name for its demerged global snacks business represents a missed opportunity to revive the Cadbury brand which, despite two years of being owned by Kraft, remains a much-loved name with global cachet and resonance.